Columbia Care - Delaware Business Times

Agribusiness, Health Care, News, Retailing And Restaurants, Statewide

Columbia Care to be acquired by rival pot firm

Jacob Owens March 29, 2022

CHICAGO – Columbia Care, the multi-state, publicly traded medical marijuana retail company that has the largest number of Delaware storefronts, is set to be acquired by a large industry rival in a deal worth $2 ...

0 Comment 446 Views

Agribusiness, Commercial Real Estate, Health Care, Insider Only, News, Retailing And Restaurants

🔒 Del. pot pioneer plans med market growth

Jacob Owens March 22, 2022

WILMINGTON – While the effort to legalize recreational marijuana may have been defeated this year, Delaware’s first cannabis operator still has eyes for significant growth this year on the back of the state’s expanding medical ...

0 Comment 494 Views

Agribusiness, Government, Health Care, Insider Only, News

🔒 Recreational pot bill advances as employers voice concerns

Taylor Goebel March 24, 2021

DOVER – A bill to legalize recreational marijuana in Delaware cleared the House Health & Human Development Committee on Wednesday, after business advocates and medical marijuana experts voiced their concerns during a nearly four-hour public ...

0 Comment 678 Views

Health Care, News

Third medical marijuana dispensary opening in Delaware

Alex Vuocolo June 28, 2018

(AP) – Delaware’s third medical marijuana dispensary is opening this week. News outlets report Columbia Care held a ribbon-cutting ceremony Wednesday at its Compassion Center in Smyrna that opens Friday. The dispensary will be the ...

0 Comment 299 Views

[caption id="attachment_221690" align="aligncenter" width="1200"]

Columbia Care, which has three Delaware storefronts including this one in north Wilmington, is set to be acquired in a $2 billion deal. | DBT PHOTO BY JACOB OWENS[/caption] CHICAGO – Columbia Care, the multi-state, publicly traded medical marijuana retail company that has the largest number of Delaware storefronts, is set to be acquired by a large industry rival in a deal worth $2 billion. The New York-based Columbia Care, which has dispensary licenses in 17 states, operates three Delaware medical marijuana dispensaries, with one each in Wilmington, Smyrna and Rehoboth Beach. It is set to be acquired by Cresco Labs, a Chicago-based multi-state operator that is the largest wholesaler of branded cannabis products in the U.S. The merger of Cresco Labs and Columbia Care, announced March 23, would create the largest multi-state marijuana operator by pro-forma revenue, totaling more than $1.4 billion. It would have a footprint of more than 130 retail stores in 18 markets, including the market share leaders in Pennsylvania, Virginia, Illinois and Colorado. “This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence. The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth,” Charles Bachtell, CEO of Cresco Labs, said in a statement. “The combination of Cresco Labs and Columbia Care accelerates our journey to become the leader in cannabis in a way no other potential transaction could.” Under the terms of the agreement, shareholders of Columbia Care will receive 0.5579 shares of Cresco Labs for each Columbia Care share, based on the closing price of Cresco Labs shares on the Canadian Securities Exchange as of March 22. Upon closing, Columbia Care shareholders will own about 35% of the combined company. The deal is anticipated to close in the fourth quarter of this year, subject to customary closing conditions and necessary regulatory approvals. It has been unanimously approved by both company boards, and Columbia Care shareholders holding 25% of the company, officials said. The Columbia Care shareholder vote would need to clear two-thirds for final approval. “Since our founding, our mission has been to deliver the best outcome for our stakeholders,” said Nicholas Vita, CEO of Columbia Care, said in a statement. “In an evolving industry, the opportunities to better achieve our mission through consolidation led us to this historic moment. With Columbia Care’s strategic national footprint in the most attractive markets and Cresco Labs’ success in execution and incredibly popular brands, we will together create the most important – and the most investable – company in cannabis.” The deal represents the corporatization of the once-underground marijuana market, as medicinal and, or, recreational use have become legalized in 37 states. With no federal framework, each state sets different parameters around its marijuana market and its subsequent licensing. Companies have quickly scaled, or even gone public as Columbia Care and Cresco Labs did, in order to raise capital to work through lengthy licensing processes, start quickly and stay ahead of competition.